Genesis digital project spend aligns with budget

Genesis Energy announced that its Gen35 'Big Rock' digital projects remain on track, with total investment for the FY2024 to FY2027 period aligning with the previously communicated budget of 145. These initiatives encompass significant upgrades, including the modernization of billing and CRM systems, improvements to General Ledger finance systems, and enhancements to Wholesale Markets and Trading systems.

The reconciliation between the Investor Day 2023 forecast and the current 2026 outlook shows total digital investment is maintained at 145. While the FY28 projection for total digital investment is now 0 (down from 12 previously), the FY27 figure has increased to 22 (up from 14), and the FY26 outlook has risen to 65 (from 40). FY25 and FY24 actuals are 40 and 18 respectively.

Looking at the components, OPEX for the full period remains stable at 128, with the FY26 outlook for OPEX rising to 60 (from 36) and FY27 to 20 (from 12). CAPEX for the full period sees a slight decrease from 18 to 17, with the FY26 outlook remaining at 5, and FY27 at 2.